Solyndra Debacle What did Obama know and when did he know it?

[Wolfmoon]

Solyndra execs won't answer questions during hearing

Tuesday, September 20, 2011

"Solyndra Inc.'s chief executive and chief financial officer will invoke their 5th Amendment rights and not answer questions during a Friday hearing before a House investigative committee, their attorneys said.

Attorneys for Solyndra CEO Brian Harrison and W.G. “Bill” Stover, the company’s chief financial officer, sent letters to the House Energy and Commerce Committee’s investigative subcommittee Tuesday saying the two executives would not answer any questions during the hearing."

 

[Wolfmoon]

A history of Solyndra - The Washington Post

● 2005: Solyndra is formed.

● December 2006: Company applies for a government-guaranteed loan under the Bush administration.

● March 2009: Energy Secretary Steven Chu announces $535 million conditional loan guarantee to Solyndra, the first for Obama administration.

● Late August 2009: White House asks Office of Management and Budget whether it can “speed along” final approval of the Solyndra loan for a scheduled press event with Vice President Biden.

● Sept. 1, 2009: OMB gives final approval.

● Sept. 4, 2009: Biden and Chu announce final approval at Solyndra groundbreaking.

● March 2010: Auditors raise concerns about whether Solyndra can continue as “going concern.”

● May 2010: President Obama visits Solyndra, touts it as a model.
● January 2011: Solyndra executives confide to administration that they are on the brink of liquidation.

● February 2011: Energy Department helps Solyndra with refinancing; investors put in an additional $75 million.

● Aug. 31, 2011: Solyndra files for bankruptcy, closes its plant, lays off 1,100 people.

 

[Claudette]

Why would President Obama make such an unsound business transaction?
I'd like to think because he's just inept, but it looks more like it's because of his crookedness.

He was just playing politics. He needed a company at the time to showcase his green jobs initiative, and in a rush to do that, chose wrong.
Politics is a bloodsport, and by Jesus, he once again has bloodied himself again.
Ineptness and crookedness are not mutually exclusive.
Ever watch 'America's Dumbest Criminals'?

Bingo.

He was pushing his green agenda and this company fit the bill. Of course if he had bothered to read the DOE report and the PW Eval he would have know the company was unstable.

The CEO visited his office about 20 times I'm sure it wasn't just to say Hi, how are ya.

Mayby he did read the reports but decided to sink taxpayer money into this teetering company anyway. What a waste of half a billion taxpayer dollars.

Guy has no business sense whatsoever. He was more interested in his looney green agenda. Too bad his ineptness cost us half a billion which we will never get back.

Kaiser and his investors will get there 75 mil back though. Way to go Barry.

Wonder what the FBI will find??

 

[AquaAthena]

Why would President Obama make such an unsound business transaction?
I'd like to think because he's just inept, but it looks more like it's because of his crookedness.

And corruption:

“These jobs are gonna be permanent jobs,” Biden said in announcing the Solyndra loan. “These are the jobs of the future. These are the green jobs. These are the jobs that won’t be exported.”

Nine months later Obama himself visited the company – touting Solyndra as a “stimulus” success story.

“The true engine of economic growth will always be companies like Solyndra,” he said.

Obviously Obama is flat wrong on that point. The true engine of growth is free market – a lesson Solyndra found out the hard way. With cheap Chinese solar panels flooding the market and a corresponding reduction in global demand, this “industry” was on an unsustainable course – not unlike the government subsidizing its expansion.

A month before Solyndra went belly-up, Massachusetts-based Evergreen Solar – which received $58 million in taxpayer aid – also declared bankruptcy. Months earlier, the company had moved 800 manufacturing jobs to China.

“This is one of the most oversupplied industries I’ve ever seen,” an energy industry analyst noted at the time. “Evergreen is just the tip of the iceberg.”

Losing “green jobs” to overseas competitors has been a hallmark of the Obama “stimulus.” Last February, an American University report revealed that 80 percent of the $2 billion appropriated in the bill for wind power projects had gone to foreign companies.

“Most of the jobs are going overseas,” researcher Russ Choma told ABC. “According to our estimates, about 6,000 jobs have been created overseas, and maybe a couple hundred have been created in the U.S.”

Meanwhile, America is littered with empty “green jobs” promises.

In Nevada, one solar company received $55 million in federal and state tax credits – but hired just five new employees, while $61.5 million in “stimulus” funds were spent on geothermal projects that created only 25 new jobs. In Seattle, a $20 million weatherization grant that was supposed to create 2,000 jobs and retrofit 2,000 homes wound up producing only fourteen jobs and retrofitting three homes.

Even if we accept the Obama administration’s rosy estimates that 225,000 jobs have been “saved or created” as a result of this $93 billion investment– that’s still a price tag of more than $410,000 per job.

more: http://www.dakotavoice.com/2011/09/...utm_campaign=Feed:+DakotaVoice+(Dakota+Voice)

 

[Claudette]

when someone is charged with a crime in this one then it will matter.

Unlike under Bush there is now oversite in this country.

I don't think stupidity is considered a crime, TM. If it were then much of the Obama Administration would be up on charges.

Your people just gave a half a trillion dollars to a company that any competent analysis of would have shown their business model was fatally flawed...and the reason they did so was because they wanted to use Solyndra to plug their green jobs agenda and get a photo op for Vice President Biden.

Bingo yet again.

You will notice how anytime someone says anything about Barry Boy good OL'TDM brings Bush up yet again. LOL

Woman wears blinders the size of Texas.

Obama sucks as POTUS. Anyone but an idiot like TDM can see it.

 

[saveliberty]

And corruption:

“These jobs are gonna be permanent jobs,” Biden said in announcing the Solyndra loan. “These are the jobs of the future. These are the green jobs. These are the jobs that won’t be exported.”

Nine months later Obama himself visited the company – touting Solyndra as a “stimulus” success story.

“The true engine of economic growth will always be companies like Solyndra,” he said.

Obviously Obama is flat wrong on that point. The true engine of growth is free market – a lesson Solyndra found out the hard way. With cheap Chinese solar panels flooding the market and a corresponding reduction in global demand, this “industry” was on an unsustainable course – not unlike the government subsidizing its expansion.

A month before Solyndra went belly-up, Massachusetts-based Evergreen Solar – which received $58 million in taxpayer aid – also declared bankruptcy. Months earlier, the company had moved 800 manufacturing jobs to China.

“This is one of the most oversupplied industries I’ve ever seen,” an energy industry analyst noted at the time. “Evergreen is just the tip of the iceberg.”

Losing “green jobs” to overseas competitors has been a hallmark of the Obama “stimulus.” Last February, an American University report revealed that 80 percent of the $2 billion appropriated in the bill for wind power projects had gone to foreign companies.

“Most of the jobs are going overseas,” researcher Russ Choma told ABC. “According to our estimates, about 6,000 jobs have been created overseas, and maybe a couple hundred have been created in the U.S.”

Meanwhile, America is littered with empty “green jobs” promises.

In Nevada, one solar company received $55 million in federal and state tax credits – but hired just five new employees, while $61.5 million in “stimulus” funds were spent on geothermal projects that created only 25 new jobs. In Seattle, a $20 million weatherization grant that was supposed to create 2,000 jobs and retrofit 2,000 homes wound up producing only fourteen jobs and retrofitting three homes.

Even if we accept the Obama administration’s rosy estimates that 225,000 jobs have been “saved or created” as a result of this $93 billion investment– that’s still a price tag of more than $410,000 per job.

more: http://www.dakotavoice.com/2011/09/...utm_campaign=Feed:+DakotaVoice+(Dakota+Voice)

Biden was right that least, the Solyndra jobs were not exported. $532 million for 1,100 temporary jobs. $48,363 a job. Guessing that is a bit expensive for temp jobs.

 

[whitehall]

The loan wasn't just pushed through even though the company was in trouble. It was fast tracked. The question is right. What did Obama know and when did he know it.

 

[Foxfyre]

And corruption:

“These jobs are gonna be permanent jobs,” Biden said in announcing the Solyndra loan. “These are the jobs of the future. These are the green jobs. These are the jobs that won’t be exported.”

Nine months later Obama himself visited the company – touting Solyndra as a “stimulus” success story.

“The true engine of economic growth will always be companies like Solyndra,” he said.

Obviously Obama is flat wrong on that point. The true engine of growth is free market – a lesson Solyndra found out the hard way. With cheap Chinese solar panels flooding the market and a corresponding reduction in global demand, this “industry” was on an unsustainable course – not unlike the government subsidizing its expansion.

A month before Solyndra went belly-up, Massachusetts-based Evergreen Solar – which received $58 million in taxpayer aid – also declared bankruptcy. Months earlier, the company had moved 800 manufacturing jobs to China.

“This is one of the most oversupplied industries I’ve ever seen,” an energy industry analyst noted at the time. “Evergreen is just the tip of the iceberg.”

Losing “green jobs” to overseas competitors has been a hallmark of the Obama “stimulus.” Last February, an American University report revealed that 80 percent of the $2 billion appropriated in the bill for wind power projects had gone to foreign companies.

“Most of the jobs are going overseas,” researcher Russ Choma told ABC. “According to our estimates, about 6,000 jobs have been created overseas, and maybe a couple hundred have been created in the U.S.”

Meanwhile, America is littered with empty “green jobs” promises.

In Nevada, one solar company received $55 million in federal and state tax credits – but hired just five new employees, while $61.5 million in “stimulus” funds were spent on geothermal projects that created only 25 new jobs. In Seattle, a $20 million weatherization grant that was supposed to create 2,000 jobs and retrofit 2,000 homes wound up producing only fourteen jobs and retrofitting three homes.

Even if we accept the Obama administration’s rosy estimates that 225,000 jobs have been “saved or created” as a result of this $93 billion investment– that’s still a price tag of more than $410,000 per job.

more: http://www.dakotavoice.com/2011/09/...utm_campaign=Feed:+DakotaVoice+(Dakota+Voice)

Biden was right that least, the Solyndra jobs were not exported. $532 million for 1,100 temporary jobs. $48,363 a job. Guessing that is a bit expensive for temp jobs.

That's if they used the money to actually hire people. That has not yet been determined to be the case.

 

[bitterlyclingin]

(Starts ya thinkin what the frog is going on here, doesn't it? Loan approved five days after Obama took office? The attitude running through DOE and the White House "Gotta do this! Gotta do this! Gotta do this!" When they finally get into this its sorta gonna be worse than takin' the lid off a blocked up septic tank.)

"Out of the hundreds of out-of-work employees, vendors, investors and other creditors in the bankruptcy of government-backed solar-panel maker Solyndra LLC, one name stands out: the California Democratic Party.

Why California Democrats would be creditor to a company that received more than a half-billion dollars in federal loans to build a solar-panel plant isn’t clear. Even party officials say they’re not sure.

The California Democratic Party’s communications director, Tenoch Flores, said the organization was not owed “any funds in any form” by the California-based company. He said he was unclear why the party would be listed as a creditor in Solyndra’s bankruptcy filing.

According to campaign-finance records, Solyndra donated $7,500 to the California Democratic Party in October 2010. It’s legal in California for corporations to make donations. But that doesn’t explain why the company would identify the Democratic Party as a creditor in its bankruptcy filing a year later.

A Solyndra spokesman did not respond to messages seeking more details about the filing."


California Democratic Party among Solyndra's creditors - Washington Times

 

[bitterlyclingin]

Somebody's slip is showing here. Someone in Solyndra accounting failed to cover this up or expunge this from the company's other set of books in a proper manner before the filing. The other set implying the company has two sets of books, one for public inspection and the other set for who was actually supposed to get what in these brand new days in this splendid "Era of Hope and Change" that in reality is looking more and more like a hybridized mixture of Al Capone's, Boss Tweed's , and US Grant's administration.

Sit back and imagine the conference call between Barack Obama, George Kaiser and California Governor Jerry Brown somewhere shortly after the events of January 20, 2009.

Barack Obama: "George, How miuch will it take to get this new factory of yours up and running?"

GK: "Probably around 300 million."

BO: "Well OK. How about we throw an extra hundred million in for you just in case, any extras you keep for yourself, God knows I might need it in 2012.
Jerry, I think we're gonna throw another hundred million in it for you too to use afterwards, but you gotta make sure everthing goes alright for George. We're countin on you to do your part and see he doesn't run into any extra problems, Bro!"

 

[bitterlyclingin]

The Democrats had Tom Daschle draw up a tentative plan to loot the United States Treasury in the late 1990's. Barack Obama and the Democrats took that plan, labeled it stimulus, and jammed it down the throats of the American People in 2009.

Rahm Emmanuel: "Never let a legitimate crisis go to waste!"

Unnamed DOE employee:"We had so much money thrown at us ito lend out under the stimulus, we didn't even know if we could lend it all out by the time the October, 2011 deadline arrived."

Putrid.

 

[CaféAuLait]

Solyndra’s $733M Plant Had Robots, Spa Showers

It had robots that whistled Disney tunes, spa-like showers with liquid-crystal displays of the water temperature, and glass-walled conference rooms.

Solyndra

 

[saveliberty]

Solyndra’s $733M Plant Had Robots, Spa Showers

It had robots that whistled Disney tunes, spa-like showers with liquid-crystal displays of the water temperature, and glass-walled conference rooms.

Solyndra

High ho! High ho! Its off to work we go.

A happy robot, is a productive robot.

 

[Wolfmoon]

Just another example of Obama pouring your money down the drain. If he had brains he'd take them out and play with them.